Caterpillar upgraded at Smith Barney

NEW YORK (CBS.MW) -- Analyst David Raso at Smith Barney upgraded Dow industrials component Caterpillar
CAT, +0.15%
to "buy" from "hold," and upped his price target to $90 from $77, citing evidence of improved mining, heavy construction equipment and power generation businesses, and the belief that the company has "quietly" begun a multi-year stock buyback program. "Further boosting our confidence and model is that the U.S. construction 'shortfall gap' we feared appears increasingly unlikely - housing and public resiliency is bridging the gap as a commercial recovery develops," Raso said in a note to clients. The stock closed Thursday down 54 cents at $74.94.

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